Don't lose faith in stocks, according to the analyst who called the rally last summer

Stockton: Long-term momentum in the market is intact
Stockton: Long-term momentum in the market is intact

The long-term momentum behind the market is still solid, technical analyst Katie Stockton said Monday.

U.S. stock futures pointed to a lower open Monday as investors grappled with President Donald Trump's failure to deliver on health-care reform.

Dow futures were seeing about a 150-point slide, after Republicans pulled their health-care bill Friday. The S&P 500 and Nasdaq were down in the double digits.

U.S. equities closed mixed Friday after a scheduled House vote was pulled because Trump and House Speaker Paul Ryan failed to gain enough support for the bill.

"This month has not been a great month for the market," Stockton, chief technical analyst at BTIG, said on "Squawk Box."

Stockton said the pullback in the markets, however, could represent a buying opportunity for investors.

"That wouldn't really damage the intermediate term uptrend or Trump rally, if you will," said Stockton, referring to the S&P's pullback. "Really it would just be a retracement of that. To me it would be a buying opportunity. The long-term momentum by the market is still very solid."

Last July, Stockton predicted on CNBC that the S&P 500 would make a move to 2,400 when index was trading around 2,135. The S&P hit that level on an intraday basis on March 1.

—CNBC's Fred Imbert contributed to this report.